Expert Advice with Tyron Hyde - 06/08/2015
3 things you may not know about depreciation schedules
1. Renovated properties – You can buy a property that might be over 100 years old ... and provided it was renovated after 1987 you can claim the costs of those renovations. So even if you didn’t do the renovation, the deductions are there for the taking!
2. Scrapping reports – If you buy a property and are going to renovate the property, it’s worth getting a quantity surveyor, like Washington Brown, to inspect it. We can then attribute values to those items that are about to be removed. This can add up to a substantial amount, especially if the property was built after September 1987. In order to do this, the property has to be income producing prior to the commencement of the renovation.
3. Old properties depreciate too – In order to claim the Building Allowance the property needs to be built after September 1987. But you can still claim depreciation on things like carpets, ovens and blinds, regardless of the age. Most quantity surveying firms guarantee to get you at least twice your fee as a tax deduction in the fi rst year, or give you the report for free.
Tyron Hyde is the CEO of Washington Brown and is considered one of Australia’s leading experts in property tax depreciation. He is also a registered tax agent. Washington Brown manages construction costs worth over $2 billion and completes 10,000 schedules annually. For a depreciation schedule quote CLICK HERE and follow the 3 simple steps or estimate your depreciation cost.
The Washington Brown Free Depreciation Calculator will give you an estimate of the depreciation deductions you could claim on your investment property
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Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.